Sunpower Group announces engineering contract for Pakistani power project

A SUBSIDIARY of environmental solutions company Sunpower Group has inked an engineering contract with a unit of Pakistani conglomerate Nishat Group, mainboard-listed Sunpower said on Wednesday.

Sunpower's Shandong Yangguang Engineering Design Institute will provide textile maker Nishat Mills with services such as engineering design and start-up commissioning for the turbine island of a power plant.

The project is expected to be completed by end-2019, according to the announcement, which did not put a dollar value to the deal.

Guo Hong Xin, executive chairman of Sunpower, said in a statement that "we expect more cooperation opportunities in other areas such as biomass power generation and waste-to-energy generation" to come.

Separately, the board of Sunpower said in reply to queries from the Singapore Exchange that the company was not aware of any information not previously announced that could explain the day's trading activity.

Sunpower shares fell by S$0.045, or 9.89 per cent, to S$0.41 on a volume of 5.03 million shares - nearly 10 times the 12-month average churn - before news of the Nishat Mills contract was publicly released.